Serena Enterprises financial year ends on December 31. on March 1, 2017 it made an insurance payment of $6,000 to cover 12 months till February 28, 2018. This was recorded in the cash and prepaid insurance accounts. What adjusting entry will be made for insurance expense on December 31 2017? Debit: Insurance expense $6,000; Credit: Cash $6,000 Debit: Insurance expense $5,000 Credit: Prepaid insurance $5,000 Debit: Insurance expense $5,000 Credit: Cash $5,000 Debit: Insurance expense $1,000 Credit: Prepaid insurance $1,000